Maureen Poirier has been in the financial industry for 5 years. She shares her amazing journey from raiding her friend’s pantry to feed her children as a single mother to financial success as a licensed financial agent and Director of a brokerage in Hawaii.
Find her on LinkedIn. Listen to her YouTube show, Remote Promote. Or email her at maureenpoirier8@gmail.com.
Emmalou Penrod 0:00
I’m talking to Maureen Poirier. She is a licensed agent, and director of a brokerage and formerly an educator. Maureen, welcome.
Maureen Poirier 0:15
Oh, thank you. I’m so delighted to be here. Thank you for this opportunity to share.
Emmalou Penrod 0:20
Always happy to talk to another retired teacher. But I am interested in what you’re doing now. And what led you to the world of finances?
Maureen Poirier 0:33
Well, thank you, I would love to share. I’m just going to go back in time because my journey started many, many years ago. So back in April of 2009, I found myself as a newly single mother with three children. I walked out the door $150,000 in debt. I had no savings, no retirement, and $300 a month in child support on a salary of about $32,000 a year and was reeling from the effects of a 17 year partnership of this fiscal irresponsibility, really, and a life that was lived way outside of our means. Two years later, I embraced bankruptcy as a solution, tied with a lot of shame. I nearly lost my car due to repossession. And due to a conflict at the workplace, I ended up taking a job for less money, with no retirement or health insurance. Meanwhile, I was shopping at the dollar store and raiding my friend’s pantry to put food on our table. And those dark moments I would vow to myself, I am going to climb myself out of this hole that I put myself in and show a different example to my children, and help a whole bunch of people along the way. Eight years later, I find myself on a Spirit-led journey with three suitcases and a backpack and my Prius. I ventured across the ocean to the Big Island of Hawaii, and a little town of 42,000 in Hilo. I didn’t know anybody, had never been here in my life. And I had faith in one pocket and $11 in the other. In short, right? This is just three and a half years ago. And I found, I was already in the insurance industry at that time, however, I found my new brokerage in a little town in Hilo in Starbucks with a gal that was doing appointments there and introduced myself to her. And I switched companies, you know, so I’m working commission only in a place where I know nobody, and then I decided it’s a good idea to switch companies. So I had to give up all of my clients. I had about 100 clients at that point. So it was definitely a spirit journey. And really like, inside of my commitment to helping people and getting help along the way, I have had the pleasure and honor of working with some incredible people and leaders and assisting others in their financial wellness. And it has been an incredible journey.
Emmalou Penrod 3:10
That is an amazing story to to be in that. You know, and I think other people can relate to you being at the point. Yeah. Wow. And then pulling yourself up by the bootstraps. That’s awesome.
Maureen Poirier 3:29
Well, thank you. It has been, it was definitely not an easy journey. And there were many times when I was like, “Can I just have five minutes of reprieve?” Like I would break for five minutes and I would get knocked down again. I’m like, “I just need five minutes. Just give me five, we’re good with five. I don’t need a whole lot, just five.”
Emmalou Penrod 3:51
But you didn’t quit.
Maureen Poirier 3:53
No, you know, one of my mantras along the way was, you know what, I just need to pick myself up one more time. Every time I fall, I just need to get up one more time. And that is, a lot of time that’s what carried me through, and really being committed to like, I’m going to show my children a different future.
Emmalou Penrod 4:16
Yes.
Maureen Poirier 4:16
Like, I know that I didn’t set a good example. And I want to show them something different. So that they don’t have to go through what I went through. So those two things would keep me going when I didn’t think I could.
Emmalou Penrod 4:32
That is a powerful Why. You’re doing it for yourself, for your children. And you also mentioned that you wanted to help other people, that even when you were down, you still felt that desire. It sounds like you would like to make sure nobody else has to go through what you went through.
Maureen Poirier 4:53
Exactly. Yes. And yeah, I feel like if I can help just one, and my intention is to help many, but if I can help just one people, one person avoid the trap. You know, and I feel like, I feel like that I think that’s why I’m so passionate about doing what I do is because there is, I know, I’m not the only one that was financially illiterate. And it’s not a bad thing. It’s just like, where are we actually getting this information that would have us be prosperous and make really sound financial decisions? Because I find that many people make decisions based on a part of the information. They can’t make a sound decision if we don’t have all the information, or if even the information that we’re given is not actually completely all the information. So it’s not just what we don’t know, that hurts us. It’s what we think we know. That isn’t, so that’s one of actually Will Smith quotes, and it’s so true in this financial arena. What I find is that people think things are a certain way, and they’re actually not. And when they find that out, like, there could have been thousands and thousands of dollars lost more than. So, anyway, it makes a big difference, you know, the education, and I, as an educator, I feel like people have the right to know. And then they can choose powerfully based on what’s best for them. But if they don’t know, or if they have information that’s not correct, then the decision they’re going to make is not necessarily the best for them.
Emmalou Penrod 6:30
So you mentioned financial literacy, that you felt when you were younger, you had not learned that yet. But you have now and that’s what you want to share, this understanding how money works. And,
Maureen Poirier 6:46
Yeah.
Emmalou Penrod 6:47
I know it’s confusing for a lot of people.
It is! And it’s overwhelming. It was for me, there are so many moving parts in the financial world. You know, like there’s so many moving parts, there’s retirement, and there’s life insurance and long term care insurance and investments and wills and trusts. And it goes on and on and on in real estate. And again, where are we getting this information? So it’s, it’s about learning, and it’s about having the correct information. And then it’s about having a plan and being able to execute the plan. And then you know, what happens if the plan goes belly up? You know, like, which happened this year with COVID? Like, there’s a lot of plans that went belly up this year. Yep. Then how do you pivot? But you pivot and actually continue to rise and shine inside of environments that, you know, are less than stellar, you know, for many. So in that regard, like I can look back and say, I’m actually super grateful and feel very fortunate that I went through what I went through, at the time that I went through it, because it’s developed inside of me, a will and a strength and a determination and a fortitude to actually forge ahead, regardless of what the circumstances. It’s like, “You know what, I’m moving forward. That’s what’s going on here. End of story.”
You made that decision, you’re moving forward, and used your training as an, you’re still an educator, in different classroom.
Maureen Poirier 8:25
Different classroom.
Emmalou Penrod 8:28
And I think one of, what I have seen in a lot of young families, is this belief that they don’t need to think about retirement yet. They don’t need to think about life insurance. They’re more concerned with more immediate needs. But what did you learn?
Maureen Poirier 8:49
Well, what I learned is I wish I was starting my 20s, even younger. Actually, if I had, then I would have had a very different past 12 years. That’s for darn sure! It would have looked very different for me. So here’s the thing. We’re never too old to start preparing for our future. That’s the first thing. And life insurance is not the only vehicle to use in terms of preparing for our future. However, when I started, when I actually started saving for retirement. I was late in the game. I wasn’t starting in my 20s. I was starting in my 40s. So I didn’t have as much time on my side. So I had to get really creative and think outside the box like “Hey, what vehicles are out there that are a good fit for me?” Because the traditional retirement account is not gonna work. So when I found this vehicle, I was like, “Oh my gosh, here’s a vehicle where I can access my money.” Okay, unlike a retirement vehicle, or you’re going to get penalized if you do that. So it’s accessible, if there’s principle, Safety of Principle. So I’m not losing inside this vehicle, where my 401k, that was actually not the case. I can count on a predictable rate of return over a period of years. If I want a guarantee, that’s another policy I can use. I have one of those as well. And my money grows tax free. So all of these benefits are actually not available, weren’t available inside my 401k. So when I took out my 401k, first of all, after several years of working with it with a company, you know, when I walked away from that company, and less than one month’s expenses inside my retirement, which I ended up taking, yeah. Which I ended up taking out, because I’m like, Well, first of all, this is not gonna do anything for my retirement, not saying it was the best option. However, when I took it out, I lost half of it, due to taxes and penalties. So, and there was less in there than what was put in there when I took it out. So I was like, “Okay, clearly, this is not the vehicle for me.” And, you know, inside life insurance, it has so much more flexibility and freedom. And I’m much more in control and at the helm of my own future inside of life insurance. And on top of that, it’s not just a retirement vehicle, we actually call it income, you can generate lifetime income, that’s tax free. But it’s also an immediate estate for my family. With my first premium, if I were to pass away, My children are set, you know, like they’re set. And that’s with one payment. And then on top of that, on top of being able to grow my money tax free with no risk, I have inside one company, it’s actually my favorite company to work with, we have living benefits. So for example, if you have a million dollar policy, you can actually access up to that million dollars, if you have a qualifying terminal illness, chronic illness, critical injury or critical illness. Okay, so I’m not draining my retirement funds. If something were to happen to me, I’m not having to give up my home or declare bankruptcy, which 60% of people that go through bankruptcies is due to medical. And 40% of people that lose their home is due to medical. So if I have a plan that protects me, protects me while I’m alive if I get sick, it protects me when I pass away, and I’m growing my money tax free with compound interest and no risk. And I’m not limited, I can put up to 17 times my income inside this vehicle, like there’s no retirement plan on the planet, that I’m aware of, that will do all of that for me.
Emmalou Penrod 12:56
Yeah.
Maureen Poirier 12:57
So I can say actually, with gratitude, like, I’m super grateful, I went through what I went through because I would not have been on this journey. And I would not have uncovered this at all, I would have just stuck with the regular payment plan.
Emmalou Penrod 13:14
The one we hear most about, yeah.
Maureen Poirier 13:17
Yeah. Right. So right now, it’s, you know, and our retirement, not just our life insurance, but our retirement is, also we have an incredible retirement plan. But for people that are not interested in market volatility, and looking for something different. That’s a lot of what I do, too, is outside of education, and just providing plans if people see that this is a better fit for their future that they’re interested in. And either way, if they walked away with knowledge that they didn’t have and more confident about what they do have, then I’ve done my job.
Emmalou Penrod 13:51
Yeah. Yeah, definitely. We’ll even just, you know, I can well believe most people don’t think of life insurance in that way. They’re just thinking of it as a death benefit.
Maureen Poirier 14:07
Exactly. Well, and in the past, that’s what it was, it was just a death benefit, like somebody had to die in order for somebody to benefit. And it’s just, it’s not that way anymore. It’s, you know, ours is a three prong vehicle, there is that piece, and then there’s the living benefit. And there’s the, you know, that they can grow their money tax free and create themselves a stream of revenue at retirement, to add to whatever they currently have. So, and on top of that, you can borrow against it. You can you know, it’s kind of like you can be your own banker. You know, if I need money, I don’t have to go to a bank and say, you know, Mother May I, for lack of better words. I can go to my life insurance policy and say, “Oh, I actually need this for this. So I’m taking it out.” Then, you know, in fact, I prefer to take it from my bank account my life insurance policy, and fund my, you know, that’s how I bought my car. My last car that I paid for I took it out from my life insurance, and then the policy acts as if, you know, the money is still there continues to grow, and then I can pay it back with simple interest the whole time it’s been earning compound. So, so many benefits. Now, eventually, I’d like to get to the point where everything I’m doing is I’m running it through my life insurance policy instead of a bank.
Emmalou Penrod 15:36
Yeah, why pay interest to somebody else?
Maureen Poirier 15:40
Exactly, I prefer to take that, thank you.
Emmalou Penrod 15:46
You’re also the director of a brokerage. So you train other people to do this, too.
Maureen Poirier 15:54
I do. I do. In fact, I love training. As an educator, that is one of my favorite things to do is to train other agents to be successful, get their business up and running and be successful in this business. And actually partner with inside our agency, we have an incredible platform where a lot of the training is done on a nationwide level. And inside our particular team, we have incredible, incredible trainers. So I’m not the one who’s, you know, accountable for all the training, by no means. I’m not doing that. But, and we have incredible nationwide trainers, but you know, the learning and this company and the mentorship and the leadership is just, it’s an incredible platform. And it’s also an opportunity for people to make additional money and or replacement money. You know, through this opportunity. I’ve been doing this with this company for three and a half years. And I would say this year, I probably two and a half times my principal income in this business. It’s very viable. And it’s a huge, it’s a huge service and contribution, you know, on both platforms for the, for the income side, as well as helping people have, you know, really stellar plans for themselves and their future.
Emmalou Penrod 17:22
So you’re, it’s a way to increase income. This is something people could do, like part time?
Maureen Poirier 17:31
Part time, full time, spare time. Yep. And, you know, a lot of times people get into this industry with no prior background. I didn’t, I mean I had a background in education; I did not have a background in financial services. However, this platform, the training is so great, and everybody that comes on board is assigned to trainer. So that, you know, they walk alongside them and support them. And for the first stages of their business until. . . I still use the person that trained me three and a half years ago. I still bring him in to appointments with me. And he’s available for that. And he supports me in mentoring and training, you know, my agency. And so that is the beauty of this business. It is a team effort. And it’s a really phenomenal platform, where, you know, the only way you can not be successful is if you quit.
Emmalou Penrod 18:30
Well, and it’s, so it’s not only the income, but you also are helping people you were talking about how important that is, too. A lot of people so, you know, anyone who needed a second income, and I can see how you might maybe start out as a part time but determined to work and make it full time if it’s something you find rewarding. And with, you know, good benefits.
Maureen Poirier 19:01
Totally, your total income. In fact, a lot of people do it that way. They’ll start out part time alongside a current source of income. And then some people just keep it part time. A lot of people, when they fall in love with it, they work themselves into this doing this full time. And another reason I like to team build and build my agency is I can through my building and through my training, I can reach a lot more people that way. Instead of just off my efforts alone, now I’m working with, you know, a team of people and we’re talking to a whole lot more people than I just would be myself. So yeah, that’s one of my favorite things to do.
Emmalou Penrod 19:42
Awesome. So you can help, you know, if anyone is interested in that opportunity, a way to make a second income. And plus along the way, and it sounds like as you got into this you started to understand more, learn better options for how to invest your money, better ways of managing your money and became much more effective. And if you think about it, 2009 to now, 11 years, you had quite a journey and quite a turnaround, and are in a much more powerful position now.
Maureen Poirier 20:25
Yes, absolutely. And super grateful. Like I said, I didn’t walk this path alone. I had a lot of support and assistance along the way, a lot of great mentors and leaders, and learned and gleaned from all of them. And, you know, the journey has, like I said, it hasn’t been easy. However, who I’ve got to become in the process of it, it’s like, I really wouldn’t go back and do anything differently. And love to help people like I said, I do. We can take a look and see what you have, and just do a free account review for you. And I’m happy to share information. Or if you’re interested in possibly taking a look at adding an additional source of revenue and helping people along the way. That’s also available. And you can reach me on LinkedIn, and my email and I’ll give those pieces of information to you, Emmalou. And I would love to talk with you further and just see how I can support you and your process. And I think one of the blessings of coming where I came from is, there is no judgment that I have about where people are at financially. Because I know where I was, and I have a lot of compassion for people and their financial struggles because of where I came from. So I have just a whole lot of compassion and love for people and loving them into a better future.
Emmalou Penrod 21:57
Awesome! That is wonderful. All right. Maureen, thank you so much for sharing this with us.
Maureen Poirier 22:07
Thank you for having us, Emmalou. I so appreciate this.
Emmalou Penrod 22:10
You have a great day!
Maureen Poirier 22:13
Thank you, you too. Aloha!